Reddit, Inc. (NYSE:RDDT) Receives Consensus Rating of "Moderate Buy" from Analysts

Reddit, Inc. (NYSE:RDDT - Get Free Report) has earned an average rating of "Moderate Buy" from the twenty-two ratings firms that are currently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, nine have issued a hold recommendation, eleven have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $175.95.

Several research firms have weighed in on RDDT. Needham & Company LLC raised their price target on Reddit from $190.00 to $220.00 and gave the stock a "buy" rating in a research report on Thursday, February 13th. Bank of America raised their price target on Reddit from $180.00 to $190.00 and gave the stock a "neutral" rating in a research report on Thursday, February 13th. B. Riley raised their price target on Reddit from $112.00 to $187.00 and gave the stock a "buy" rating in a research report on Tuesday, January 14th. The Goldman Sachs Group raised their price target on Reddit from $105.00 to $176.00 and gave the stock a "neutral" rating in a research report on Tuesday, January 14th. Finally, Raymond James lifted their price objective on Reddit from $200.00 to $250.00 and gave the company a "strong-buy" rating in a research report on Monday, February 10th.

Reddit Stock Performance

RDDT stock traded down $16.58 during midday trading on Thursday, hitting $134.14. 13,824,222 shares of the stock were exchanged, compared to its average volume of 5,478,177. The stock's 50-day moving average price is $181.61 and its 200-day moving average price is $130.99. The stock has a market cap of $24.27 billion and a price-to-earnings ratio of -17.35. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $230.41.

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Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. Research analysts anticipate that Reddit will post 1.12 EPS for the current year.

Insider Activity at Reddit

In other Reddit news, Director Mary Porter Gale sold 20,000 shares of the business's stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $169.71, for a total transaction of $3,394,200.00. Following the transaction, the director now owns 26,309 shares in the company, valued at $4,464,900.39. The trade was a 43.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Benjamin Seong Lee sold 92,299 shares of the business's stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total value of $14,523,247.65. Following the transaction, the insider now owns 115,001 shares in the company, valued at approximately $18,095,407.35. This represents a 44.52 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 393,386 shares of company stock worth $66,673,388.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of RDDT. Plato Investment Management Ltd acquired a new position in shares of Reddit during the fourth quarter worth about $27,000. EverSource Wealth Advisors LLC purchased a new position in Reddit in the fourth quarter valued at about $28,000. Ridgewood Investments LLC boosted its holdings in Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock valued at $33,000 after purchasing an additional 100 shares during the last quarter. Farmers & Merchants Investments Inc. purchased a new position in Reddit in the fourth quarter valued at about $33,000. Finally, Bogart Wealth LLC purchased a new position in Reddit in the fourth quarter valued at about $33,000.

About Reddit

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.